28 April 2010
Do we have to Add. Interest income of Saving A/c of bank in Salary Income its exempted ? how much ? and whr we have to put that figure in ITR-1 or Saral-1.
Do its necessery to add in Form-16 as Interest income or not ?
28 April 2010
Its not necessary to include it in Form 16. Just include this amount under the head of Income from other sources in Saral Form and pay the excess tax as calculated.
However, you can get it included in from 16 by declaring it your employer as other income. In that, the tax on that will be automatically deducted in the form of TDS from salary. But this declaration is generally given to the employer in advance before the end of the relevant financial year and at that time you are not sure about the amount of interest , so generally it is not included in Form 16. So there is no Hard and fast rule to include it in Form 16.
28 April 2010
hi dear, Interest income on saving bank account is not exempt, its taxable under head "Income from other sources". U may show it in Form 16 or not. but it is better that u show it as ur tax will be deducted by employer on the basis of that.
28 April 2010
hi dear, Interest income on saving bank account is not exempt, its taxable under head "Income from other sources". U may show it in Form 16 or not. but it is better that u show it as ur tax will be deducted by employer on the basis of that.
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